Abel Insurance Agency answers long-term care questions

December 31, 2006 11:00 pm

What is Long-Term Care?

Long-term care is a variety of services that includes medical and non-medical care to people who have a chronic illness or disability. Long-term care helps meet health or personal needs. Most long-term care is to assist people with support services such as activities of daily living like dressing, bathing, and using the bathroom. Long-term care can be provided at home, in the community, in assisted living or in nursing homes. It is important to remember that you may need long-term care at any age.

You may never need long-term care. This year, about nine million men and women over the age of 65 will need long-term care. By 2020, 12 million older Americans will need long-term care and 40 percent will not yet be age 65. Most will be cared for at home; family and friends are the sole caregivers for 70 percent of the elderly. A study by the U.S. Department of Health and Human Services says that people who reach age 65 will likely have a 40 percent chance of entering a nursing home. About 10 percent of the people who enter a nursing home will stay there five years or more.

Medicare and Long-Term Care:

Most long-term care is to assist people with support services such as activities of daily living like dressing, bathing, and using the bathroom. Medicare doesn't pay for this type of care called "custodial care". Custodial care (non-skilled care) is care that helps you with activities of daily living. It is for this reason that Long-Term Care Insurance was developed.

Why buy Long-Term Care Insurance:

You work hard and save your money so that you can enjoy your retirement some day. And thinking about buying long term care insurance is not on your mind but maybe it should be.

Longterm care is expensive. Today, the national average annual cost for home care is $20,000 and the average annual cost of nursing home care is $50,000. These figures are expected to triple in 30 years. Is this the way you want to spend the savings you've worked so hard to acquire?

Long-term care insurance can help. It fills the gaps in coverage left by medical plans that are not intended to cover the cost of home health aid or the expense associated with long term care facilities.

You can preserve your independence:

If you are an independent person and have enjoyed good health, you may not think of yourself as a candidate for long-term care insurance but the need for a long-term care facility can happen at any point during your life due to an illness or an accident.

Long-term care insurance doesn't just pay benefits for care provided in a long term care facility but can be tailored to fit your needs for obtaining in home services and other services that allow you to manage on your own.

Long-term care insurance offers coverage that will give you the flexibility you need to make decisions about the kind of site or care that works best for you.

Have you reviewed your Life Insurance?

Life insurance helps you protect what matters most  your loved ones. Life insurance helps ensure their financial needs are met, even after you're gone. There are two basic types of life insurance, term and permanent. Deciding which type may be appropriate for you depends on how you want your life insurance to work for you and your family.

For a review of any of your insurance needs contact one of the professionals at Abel Insurance Agency at (541) 247-2415.